Oil firms roll back prices of petroleum products

9:36 pm | Saturday, May 26th, 2012

ROLLBACK. Local oil companies slashed prices of petroleum products. INQUIRER file photo

MANILA, Philippines – Local oil companies slashed prices of petroleum products this Sunday to reflect the continued softening of prices in the international oil market.

Petron Corp., Phoenix Petroleum Philipppines, Chevron Philippines and Seaoil Philippines have cut prices of regular gasoline by 90 centavos a liter; premium gasoline by 45 centavos a liter; and of diesel and kerosene by 35 centavos a liter. Other companies have yet to make their respective announcements as of posting time.

This is the seventh consecutive week that prices of petroleum products have gone down.

Prior to this Sunday’s oil price rollback, diesel prices ranged from P42.20 a liter to P46.20 a liter, while gasoline retailed for P49.55 a liter to P57.07 a liter. As of last week, the year-to-date net increase for gasoline stood at P1.85 per liter while diesel has a net decrease of 36 centavos per liter.

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Tags: Business , Consumer Issues , oil price rollback , oil prices

http://www.facebook.com/people/Andrew-Dela-Cruz/100003052998714 Andrew Dela Cruz

Bakit mas mahal ang gasoline at diesel prices by P6 dito sa Iloilo compare sa cebu? any good reaction please?
aspirin200

Fuel pricing scheme and VAT regime has created tax inequity. At P42.20 per liter, Manila consumers are in effect paying P5.064 VAT while in Mindanao where fuel pump prices are as high as P46.50 per liter, motorist are paying P5.58 VAT or a VAT difference of 51 centavos over Manila consumers.

In Cagayan de Oro where there are more than 100,000 registered vehicles consuming say 10 liters a day, would amount to 36.5 million liters per year or P186 million additional VAT over the same volume of product sold in Manila. This would mean that the higher the tag prices are in the regions, the higher the tax the people have to bear.

to add to Mindano woes, the people does not enjoy the more the P7 billion in MRT/LRT fare subsidies and the P3 billion PNR fare subsidy as they don’t have the same mass transport infrastructure.

For essential consumer products, there should be a ceiling where government may apply VAT to assure that everyone is taxed equitably. Amendment to the VAT law is imperative.

Finally, if you don’t ask for receipts from your favored gas station, they get to earn your full
VAT payment and they have have to pay taxes and VAT for it.
http://jaoromero.com/ Jao Romero

local oil companies don’t follow the movement of international prices. you can see this for yourself when they increase prices even amidst a softening of prices in the international market. this series of rollback is caused by a decrease in local demand. it’s actually going bad for local oil companies now. even with the series of rollback, demand doesn’t seem to be picking up. it just shows just how much they’ve been gouging consumers with their prices. consumers are now on their knees and can’t really sustain this demand for oil any longer. many have wisened up and have stopped using private vehicles.

i myself have set a limit on when i will use my car again. until i see P40 per, i’ll continue using public transportation.
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Kailan naman mag roll back ang pamasahe???
http://pulse.yahoo.com/_GDLJBVQKYUSWJAK6ICQITGFTUU Toni

A gasoline price roll back means only one thing – brace up for a large price hike soon!

Oil firms roll back prices of petroleum products

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